Maldives needs 27 mln USD to cover state expenses

MALE, April 22 (Xinhua) — The Maldives needs 27 million U.S. dollars to cover state expenses during the COVID-19 pandemic, local media cited Finance Minister Ibrahim Ameer as reporting on Wednesday.

During an online parliamentary session held on Wednesday morning, Finance Minister Ameer said that the country was facing a cash flow shortage due to the halting of economic activities amid precautionary measures against the COVID-19 pandemic.

Noting the country needs an immediate 27 million dollars to finance state expenses, Ameer requested MPs to vote for a one year stay on fiscal limits so that the state could access long-term borrowing from the Central Bank to fund public services.

The finance minister also said that the government was approaching bilateral lenders and international financial institutions to procure loans and financial aid.

Recently, the Organization of Petroleum Exporting Countries (OPEC) pledged to give the Maldives a grant of 20 million dollars.

The Maldives reported two more COVID-19 cases in capital Male on Wednesday, raising the city’s tally to 66 since the first infection there was reported last week, raising concerns of community transmission.